§ 6-26.1-1. Definitions. For purposes of this chapter, the following definitions shall apply: (1) “ACH”, also known as the Automated Clearing House Network, means the electronic funds-transfer system comprised of a network of associated institutions that process computer-based electronic financial transactions between originating and receiving depository financial institutions. ACH in the United States is governed […]
§ 6-26.1-10. Attorneys’ fees — Costs. In the event a borrower defaults under the terms of a plan, the credit card lender may, if the borrower’s account is referred to an attorney (not a regularly salaried employee of the credit card lender) or to a third party for collection and if the agreement governing the […]
§ 6-26.1-11. Amendment of agreement. (a) Unless the agreement governing a credit card plan otherwise provides, a credit card lender may at any time and from time to time amend the agreement in any respect, whether or not the amendment or the subject of the amendment was originally contemplated or addressed by the parties or […]
§ 6-26.1-12. Materiality of terms. All terms, conditions and other provisions of and relating to a credit card plan as contained in this chapter or any other applicable chapter, or in the agreement governing the plan (other than those which are interest under this chapter,) including, without limitation, provisions relating to the method of determining […]
§ 6-26.1-13. Applicable law. An agreement governing a credit card plan shall be governed by the laws of the state of Rhode Island, and any other law of this state limiting the rate or amount of interest, discounts, points, finance charges, service charges or other charges or fees shall not apply to extensions of credit […]
§ 6-26.1-2. Authorization to make loans — Usury. Any credit card lender may, subject to any limitations on lending authorities contained in its charter or otherwise imposed by law, offer and extend credit to a borrower and in connection with the credit may charge and collect interest, interest fees, and charges, and other charges permitted […]
§ 6-26.1-3. Variable rates. If the agreement governing a credit card plan so provides, the periodic percentage rate or rates of interest under the plan may vary in accordance with a schedule or formula. The periodic rate or rates may vary from time to time as the rate determined in accordance with the schedule or […]
§ 6-26.1-4. Interest. A credit card lender may charge and collect interest under a credit card plan on outstanding unpaid indebtedness in the borrower’s account under the plan at any daily, weekly, monthly, annual, or other periodic percentage rate or rates that the agreement governing the plan provides or as established in the manner provided […]
§ 6-26.1-5. Interest fees and charges. (a) In addition to, or in lieu of, interest at a periodic percentage rate or rates as provided in § 6-26.1-4, a credit card lender may, if the agreement governing the credit card plan so provides, charge and collect, as interest, in any manner or form that the plan […]
§ 6-26.1-6. Overdraft accounts. If credit under a credit card plan is offered and extended in connection with a demand deposit account or other transaction account maintained by the borrower pursuant to an agreement or arrangement whereby the holder of the deposit account agrees to honor checks, drafts or other debits to the account, which […]
§ 6-26.1-7. Omitted installments. A credit card lender may at any time and from time to time unilaterally extend to a borrower under a credit card plan the option of omitting monthly installments. History of Section.P.L. 2003, ch. 237, § 1.
§ 6-26.1-8. Insurance. (a) A credit card lender may request but not require an individual borrower to be insured in respect of a credit card plan under a life, health, accident, health and accident or other credit or other permissible insurance policy or program, whether group or individual. (b) In the case of a borrower […]
§ 6-26.1-9. Delinquent installments. (a) If the agreement governing a credit card plan so provides, a credit card lender may impose, as interest, a late or delinquency charge upon any outstanding unpaid installment payments or portions of it under the plan that are in default; provided, however, that no more than one such late or […]
